Sneaky Things That Can Ruin Your Real Estate Deals 

You can do several sneaky things to sabotage a real estate deal in Canada. These sneaky things can include artificially brightening a home with artificial lighting, radon, and mold. You can test this theory by flipping a switch. Flipping a switch is also a great way to determine if a home has too much artificial or insufficient natural light. Flipping a switch on inspection day can also save you from a dingy home.

Mold:

Mold is a natural organism that thrives in moist areas and grows on materials. While mold is necessary for life and even helps make cheese and other foods, it can also cause a serious problem indoors. This is why mold inspections are essential before buying a property.

Radon:

If you’re selling a house, you need to be aware of radon levels in your property. This naturally occurring gas is toxic when it becomes airborne. In some areas, radon levels are often higher than the recommended action level. While you can’t do much about the problem, you can still do your part to protect yourself and your family.

Asking for a “good faith deposit.”:

A “good faith deposit” is a type of deposit put down in real estate deals to indicate the buyer’s commitment to purchasing a property. This deposit is usually made to a third party (such as a lender) and is typically used to cover the costs of closing, appraisals, credit checks, and other loan processing fees. It can also be used as an earnest money deposit.

The amount of this deposit varies. It may be as small as one percent of the purchase price or as high as five or 10 percent. While a seller may prefer a set amount, most serious buyers are willing to offer a larger amount.

Real estate scams:

Regarding real estate, it is important to be very careful. Many scams can ruin deals, and you should be aware of these to avoid being a victim. These scams can involve predatory lending, mortgages, wire transfers, title and deed fraud, and home inspection. These scams can cause thousands of dollars in losses and rob the unsuspecting buyer of their money.

Leave a Reply

Your email address will not be published. Required fields are marked *